The global battery racks market is expected to grow rapidly over the next 10 years to reach a value of more than the US $4.9 billion by 2032.
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Battery racks are utilized to store a number of batteries on it. The racks are simple and reliable means for the storage of batteries and are used for installation, maintenance, and operation of the batteries, thereby, fueling the growth of the global battery racks market. Additionally, the need for battery storage is also initiating the growth of the battery racks industry. Increasing awareness regarding the benefits of battery racks is expected to positively impact revenue growth of the market over the forecast period.
Battery racks are designed to provide accommodation for numerous types of batteries such as lead-acid (Pb) or nickel-cadmium in it for their vertical or horizontal placement. The racks are designed to sustain earthquakes and have features such as tough and rigid, manageable, and acid-resistant. In addition, the metal bars of the racks are plastic-coated so that they can provide a protective coating. Further, the racks are built with hinged components and have customized features. They also comprise a battery enclosure with series string & cabling for current protection and disconnects.
Market Trends and Drivers
One of the factors driving the growth of the global battery racks market is the growing demand for high-performance and efficient battery storage systems in several industries such as power storage, data centers, and telecommunication. Increasing awareness regarding the benefits of battery racks market is expected to positively impact revenue growth of the market over the forecast period. In addition, developments in the battery energy storage system along with ease of operation & installation of battery racks positively contribute to the growth of the global battery racks market. Further, battery racks safeguard the batteries and permit easy handling of them. Hence, the rising demand for battery racks from emerging economies to store batteries effectively is expected to cater to the growth of the battery racks industry.
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Besides, the rise in the number of data centers in addition to small and medium-sized companies is increasing the demand for batteries, which further leads to the growth of the global battery racks market. Furthermore, technological advancements in battery storage systems are anticipated to offer lucrative opportunities for the market players.
Market Restraints & Challenges
One of the major factors hindering the global battery racks market growth is the fluctuating raw material prices. In addition, the other concern & risk connected with electricity & batteries is fire hazards and electrical short-circuits. Besides, open-rack batteries can possibly cause deadly electric shocks to any individual who comes in contact with output points or terminals. Therefore, the necessity to locate such units in a battery room along with the restricted access is the other factor anticipated to result in limits to adoption, particularly for people who have budget limitations or space constraints.
Major Players of Global Battery Racks Market
The global battery racks market report includes players such as Vertiv Holdings Co., EnerSys, Amphenol Network Solutions, Eagle Eye Power Solutions, LLC, Schneider Electric, EnviroGuard, Mesa Technical Associates, Inc., Newton Instrument Co., EATON, YHI Power, C&C Power, Inc., Narada Power, STEELMAXenergy, AIB Kunstmann Reserve GmbH and Alliance Metal Solutions.
Prominent players in the industry such as Narada Power, Enviroguard, and Vertiv deals in battery racks with 24V output to the market. For instance, Vertiv Group Corp. NetSure 24V VRLA battery rack specifically for the Data Center and Telecom industries. These battery racks are Seismic Zone 4 compliant, compatible with any DC power system, have pre-cabled trays, and have optional circuit breaker per string.
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COVID-19 Analysis
According to the International Monetary Fund (IMF), due to the epidemic of novel coronavirus, the worldwide economy decreased by over 3.0% in 2020. Several nations were under strict lockdowns in 2020 & 2021, which have impacted the supply of raw materials. Therefore, due to this, manufacturing activities of battery racks producers have been ceased. Moreover, demand for battery racks from data centers and energy & telecommunication industries has been dropped amid their stopped operations, due to government-imposed lockdown measures. This is anticipated to hamper the battery racks market growth during the forecast period.
Market Segments
By Material
- Steel, Plastic
- Plastic
- Plastic Coated
- Others
By Product Type
- Standard
- Seismic
- Valve Regulated Lead Acid (VRLA)
- Others
By Placement
- Horizontal
- Vertical
By Application
- Utility
- Telecommunications
- Data Center
- Industrial Manufacturing
- Others
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